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U.S. Student Loans

I recently moved to Canada from the U.S. I plan to become a Canadian citizen when I marry my Canadian fiancee later this year. I have student loan debt from attending school in the U.S. Student loans are not dischargeable in the U.S. under U.S. bankruptcy law. I am currently unemployed or minimally employed and cannot repay the loans. They are about $60,000 (U.S. Dollars) and are over 10 years old. Are my U.S. student loans dischargeable if I file for bankruptcy in Canada? Am I eligible to file bankruptcy in Canada?

Posted from: Alberta

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One Response to “U.S. Student Loans”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Canadian legislation cannot clear you from US debts. So the filing of a bankruptcy in Canada may not accomplish what you need. However, by filing a bankruptcy in Canada you will be protected from creditor collections from any US debts as long as you stay in Canada. So if you move back to the US you would still have to pay the outstanding amounts, but as long as you stay in Canada you shouldn’t have to worry, assuming a bankruptcy is filed.